MULTI UNIT RESIDENTIAL, PLUS CAFÉ - LIFESTYLE AND INCOME OPPORTUNITY
Auction on Thu 28 Feb at 11:00am
This income and lifestyle opportunity located at Tin Can Bay, part of the Great Sandy Straits, is one of the prettiest and most relaxing townships located at the gateway to the Fraser Coast just two hours north of Brisbane. The property has a residence located at the property which has a Commercial Cafe below and a three bedroom home as the residence above with both being leased until 2021 by the Cafe tenants. Behind the shop front you will find 4 x 2 bedroom flats with long term tenants. The buildings are located on a massive waterfront 1,873m2 lot. The Gympie Shire Council has previously granted Development Application (D/A) approval for another 6 units to be built on the property issued under the Integrated Planning Act. All of these opportunities simply create arguably the best lifestyle and income opportunity for 2019.
The Property Type is Commercial Freehold with a Residential Zoning. As the current D/A has a lapsed, to continue with the planned future developments will require the D/A to be resubmitted for consideration prior to the commencement of works.
Property features include:
- 3 Bedroom highset home, with a full Commercial Cafe below
- A block of 4 x 2 bedroom flats
- All have long term tenants
- Shared laundry
- 1,873m2 Great Sandy Strait waterfront location
- Direct access to Fraser Coast waterways
- Extremely solid investment, flats are returning $730 per week
- Commercial Cafe returning $1,851 per month
- Residential Unit above Cafe returning $1,217
- Solar panel income $504 p/a approximately
- Gross return of $74,790 p/a approximately
- Very genuine Sale, unfortunately ill health & circumstances bring this investment to the Market.
- Information Memorandum available on request
TENANCY DETAILS:
- Unit 1 - returning $180 p/w - lease renewal due 21/11/2019
- Unit 2 - returning $180 p/w - lease renewal due 25/07/2019
- Unit 3 - returning $180 p/w - lease renewal due 07/07/2019
- Unit 4 - returning $190 p/w - lease renewal due 09/03/2019
Commercial Cafe Gross - Rent $22,219.92 p/a - lease current to 13/04/2021
Residential Unit above Cafe- Rent $14,610.24 p/a - lease current to 13/04/2021
Solar panel income $504 p/a approximately
Gross Yearly Income (approximately) : $74,790
OUTGOING:
COUNCIL RATES: Approx $12,150 per year
INSURANCE: Approx $4,653 per year
MANAGEMENT FEES: $5,946 per year (managed by Century 21 by The Bay) Tin Can Bay
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